Add interest on overdue invoices

Hi DileepaNirmal There isn't a function within our products that would automatically apply a charge for overdue invoices, this would have to be done manually, or, as you have stated, there may be an app available. We will however pass your valued feedback on to our developers for their consideration and we'd be grateful if you can leave feedback from within the product. .

Thanks. Can you suggest me a third party app?

Hello DileepaNirmal, unfortunatly we are unable to advise you onw which thirs party to us, it would be a case of having a look at the app section in Quickbooks and looking though and seeing which is the best one that will suit your needs. 

Hello. I need to know, whether there is an option called late fees under Account and settings in QuickBooks online? I see a video clip a man showing that feature on YouTube.

Hi @DileepaNirmal 

UK Gov / HMRC recommend sending a new/separate invoice for the late fees / interest.

See https://www.gov.uk/late-commercial-payments-interest-debt-recovery/print#:~:text=Send%20a%20new%20in....

Hope this helps.

Hi,

That means can I issue an invoice only for interest ?

Yes - you can issue an interest only invoice.

You can also charge a business a fixed sum for the cost of recovering a late commercial payment on top of claiming interest from it.

The interest (& any late payment charge) is zero rated for VAT (or Outside the Scope if you want to get technical) but is calculated on the VAT inclusive total you're owed.

Note: this is only for B2B transactions.

Hope this helps.

Thanks a lot

I am also looking for this, I am amazed at how this is not available, as it was on the old desktop version that you discontinued. 

Thank you for joining this thread, mjharvey13.

I understand how beneficial it is to apply interest on overdue invoices. However, this option is currently supported in QuickBooks Online (QBO) US version.

You can browse this article in case you need to learn how it works: Apply late fees to overdue invoices automatically in QuickBooks Online.

For QBO UK, you'll want to manually add a service fee. You can provide feedback to support the feature within your company file.

Here's how:

1. Click the Gear icon at the top, then Feedback.
2. Enter your comments or product suggestions. 
3. Select Next to submit feedback.

Your valuable feedback goes to our Product Development team to help improve your experience in QBO.

After creating invoices, you can send statements or record payments. I'm adding these articles as your guide.

• Create and send customer statements in QuickBooks Online
• Record invoice payments in QuickBooks Online.

If you have other QuickBooks concerns, please use the Reply button below. You can add more questions and I'll be right here to provide the help that you need.